The European Commission (EC) has approved, in accordance with EU state aid rules, Romania's plans to provide a restructuring aid worth up to 2.66 billion euros (13.15 billion lei) to Oltenia Energy Complex, announces the EC Representation in Romania.
According to a release from the EU executive, the measure will allow the company to finance its restructuring plan and restore its long-term viability.
"The restructuring plan presented by Romania and the aid to support it will ensure the restoration of the long-term viability of Oltenia Energy Complex without the need to continue granting state aid. Public support is accompanied by guarantees to ensure that distortions of competition which may occur are kept to a minimum and the measures will support the EU's decarbonisation targets, in line with the European Green Pact," said Executive Vice President Margrethe Vestager, Commissioner for Competition, Agerpres.ro informs.
Oltenia Energy Complex is a state-owned enterprise operating in mining, electricity production and heat supply. The company is the third-largest producer of electricity in Romania and is important for reasons of safety and adequacy of the national energy system.